Energy News
TRADE WARS
Uniqlo operator upgrades forecast on China demand
Uniqlo operator upgrades forecast on China demand
by AFP Staff Writers
Tokyo (AFP) April 13, 2023

Fast Retailing, the Japanese operator of fast fashion brand Uniqlo, on Thursday upgraded its annual forecasts on strong overseas demand, as Chinese consumers return to stores.

For the six months to February, sales surged 20.4 percent to 1.46 trillion yen, while operating profit climbed 16.4 percent to 220 billion yen, the retailer said.

First-half net profit rose 4.5 percent to 153.4 billion yen.

For the year to August, the company upgraded its net profit forecast to 240 billion yen from an earlier target of 230 billion yen. The new sales target is set at 2.68 trillion yen, up from 2.65 trillion yen.

The company enjoyed robust sales across the world, including Southeast Asia, Australia, North America and Europe as they entered a "genuine growth phase".

Uniqlo sales outside Japan jumped 27.3 percent while operating profit rose 22.2 percent.

The greater China region, too, was rapidly recovering, with record sales in January and February as consumers emerged from harsh Covid restrictions and returned to streets and shopping malls.

"This far outstripped expectations," Takeshi Okazaki, chief financial officer, told a news conference.

"Demand for clothes has changed in the wake of the pandemic, and we are seeing rising demand for LifeWear -- high quality and basic clothing that one can wear for a long time," he said.

In Japan, Uniqlo's winter clothing also enjoyed strong sales, also beyond the company's expectation, Fast Retailing said.

The yen's rise, however, increased the cost of imports, weighing down profits, the company added.

Global consumers are becoming increasingly sophisticated and selective, said Tadashi Yanai, chairman, president and chief executive officer.

"For consumers, prices are important but more than that, the value that each product brings is also important," he said.

Over the next decade, he said he aimed to more than triple the annual sales to 10 trillion yen.

Shares in Fast Retailing rose 2.14 percent to 30,270 yen in Tokyo trading.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Asian markets mixed as traders await key inflation report
Hong Kong (AFP) April 12, 2023
Asian markets were mixed Wednesday as traders jockeyed ahead of US inflation data that could play a key role in the Federal Reserve's interest rate decision-making. While a healthy jobs report on Friday soothed worries about a possible recession, it also reinforced expectations the central bank will press ahead with monetary tightening as it tries to cool the economy and bring inflation down. The discussion comes as fears about the financial sector - following turmoil last month that saw two US ... read more

TRADE WARS
Cities will need more resilient electricity networks to cope with extreme weather

Sun, wind power make record 12% of world electricity: survey

Fossil fuel pledges divide G7 in 'critical decade' for climate

Only 5% of top UK firms have 'credible' net zero plans: study

TRADE WARS
Tesla to build battery plant in Shanghai: state media

Fish-inspired, self-charging electric battery may help power space applications

New 'smart layer' could enhance durability and efficiency of solid-state batteries

Underground water could be the solution to green heating and cooling

TRADE WARS
Wind project near S.African elephant park riles activists

UK offshore staff 'want public ownership of energy firms'

Machine learning could help kites and gliders to harvest wind energy

Polish MPs vote to make building wind turbines easier

TRADE WARS
Migrating ions through the perovskite layer in two dimensions

Solar cells charging forward

In rural America, big solar projects often get a frosty welcome

EU deal to nearly double renewable energy by 2030

TRADE WARS
Hungary says pushing ahead with Russia-backed nuclear plant expansion

Shutting down nuclear power could increase air pollution

Germany to switch off last remaining nuclear plants

The ups and downs of the global nuclear industry

TRADE WARS
Dutch refinery to feed airlines' thirst for clean fuel

Low concentration CO2 can be reused as plastic precursor using artificial photosynthesis

Queensland biofuel refinery to turn agricultural by-products into sustainable aviation fuel

Turning vegetable oil industry waste into power

TRADE WARS
Qatar gives China share of landmark natural gas field

Kazakhstan takes global majors to court over oilfield revenues: minister

How Japan's big plans for a 'hydrogen society' fell flat

Iran-Saudi vow to bring Mideast 'security, stability'

TRADE WARS
Targets for a heating planet: G7 climate commitments

UK eco-activists rail against judge's ban on using climate defence

Drought pushes Kenya's refugee mega-camp to 'breaking point'

'Infecting minds': US book sent to teachers seeks to sow climate doubt

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.